Saving for a downpayment on a home while paying rent to a landlord every month can feel a little overwhelming. Here are some tips to explore, which may help you achieve your goal of home ownership a little sooner:
Try cutting your rental costs.
Can you downgrade from your current apartment? Is it possible for you to get a roommate who will share the bills? Are you able to move in with a family member for a little while, in order to bolster your savings account?
These are all great ways to direct your funds away from spending, and into your savings.
Start putting money into a savings account dedicated to your future downpayment.
If you receive a large amount of money (bonus, tax return, gift, etc.) resist the urge to “treat yourself,” and put it into your “downpayment” savings account instead.
Monitor your credit score for a “healthy” number.
When you apply for a mortgage, a good credit score may help your eligibility for better interest rates.
These are only three tips out of many available options! If you, or a loved one, are saving for a downpayment on a home while paying rent, we’ll be happy to help with a personalized strategy designed to accelerate your home ownership goals.
Reach out to one of our advisors in Huntsville, Powassan, Parry Sound, North Bay, or Orillia today.
-Spire Advisors of Assante Capital Management Ltd.